Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

A full service Thai brokerage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Equity Bottom-Up

<ul><li>The 3Q24 performance improved YoY and QoQ, exceeding expectations by 6%, and it is likely to be the best quarter of the year.</li><li>Although the 4Q24E profit is expected to decline QoQ due to seasonality, it should turn around from the loss in 4Q23.</li><li>The valuation metrics continue to show a strong outlook for long- term growth, with two-year profit growth projected at a CAGR of 34%, driven by a projected 4% annual increase in sales and a 70 bps rise in the gross profit margin per year.</li></ul>

The 3Q24 performance improved YoY and QoQ, exceeding expectations by 6%, and it is likely to be the best quarter of the year.Although the 4Q24E profit is expected to decline QoQ due to seasonality, it should turn around from the loss in 4Q23.The valuation metrics continue to show a strong outlook for long- term growth, with two-year profit growth projected at a CAGR of 34%, driven by a projected 4% annual increase in sales and a 70 bps rise in the gross profit margin per year.

Betagro - Better 3Q24 Earnings YoY and QoQ, 6% Above Estimate